For investors wanting to live in Europe, establish a business, or offer their children a global future, the search for a “Plan B” is experiencing one of the most active periods in history today. Radical developments, such as Spain completely shutting down its residency-by-investment program, Ireland ending its program, and Malta suspending direct investor citizenship, have fundamentally changed the dynamics of the market.
Today, six main programs that have proven their operational reliability in Europe and remain actively ongoing stand out: Greece, Portugal, Bulgaria, Italy, Hungary, and Latvia. However, the rules of these countries, investment instruments, and paths to citizenship have veered in completely different directions over the last two years.
In this comprehensive guide, we impartially analyze which Golden Visa program best suits your profile in light of the most up-to-date legal regulatory changes, new tax arrangements, and hidden restrictions.
Investment Type and Entry Thresholds: Which Is More Advantageous?
The program you choose is directly related to what asset class you want to invest in and your budget planning.
Latvia: Lowest Entry Amount, but Now Only the Company Route (Minimum €50,000)
Latvia’s new Immigration Law was adopted again on 20 August 2026 and came into force on 15 September 2026. The real estate and bank deposit routes closed to new applications, while the company investment route continues under stricter conditions:
- €50,000 Company Investment: At least €50,000 is invested in the capital of a Latvian company with no more than 50 employees and turnover of no more than €10 million, plus a non-refundable €10,000 state contribution (€60,000 in total). The company must pay at least €40,000 in tax every year. The permit is issued for up to 2 years and renewed. For larger companies the amount is €100,000.
- Real estate (€250,000) and bank deposit (€280,000): No new applications since 15 September 2026. Existing permits remain valid until they expire.
- €150,000 State Fund: Included in the law (investment held for at least 5 years plus a €10,000 state contribution), but the fund has not been set up yet.
Details: Latvia Golden Visa and Latvia’s new Immigration Law
Italy: Fast and Secure “Pre-Investment Prior Approval” Model (Minimum €250,000)
Italy eliminates investors’ biggest concern, the risk of “rejection after transferring funds,” through the Nulla Osta (Pre-Investment Prior Approval) system. The investor obtains approval from the Italian state committee before transferring the funds; once approval is received and they enter Italy, they have 3 months to make their investment. Residency rights are not granted by purchasing property in Italy.
- €250,000 Innovative Startup Investment: Investment made in an innovative startup registered in the official registry. It is the lowest entry amount in the Italian programme.
- €500,000 Corporate Investment: Investment made in Italian limited companies that are operational and have at least one financial statement.
- €1,000,000 Donation: A non-refundable donation to projects of public interest in areas such as culture, education, science or migration management.
- €2,000,000 Government Bonds: Purchasing Italian government bonds and the condition that they are not sold for 5 years is mandatory.
Hungary: 10-Year Continuous Residency and Real Estate Funds (Minimum €250,000)
With the Guest Investor Programme it launched in July 2024, Hungary offers Europe’s most ambitious and longest initial residence right. While other countries issue 2- or 5-year cards, Hungary grants a residence permit valid for 10 years from the first application. Options:
- €250,000 Real Estate Fund Investment: Investing at least €250,000 into accredited real estate investment funds, audited by the Central Bank of Hungary, where at least 40% of its assets are allocated to Hungarian residential properties, and keeping them locked for 5 years.
- €1,000,000 Higher Education Donation: A non-refundable (grant) donation made to foundations supporting state universities.
Greece: The Final Bastion of Real Estate Investment and Airbnb Restrictions
Greece is the most established program granting residency rights through real estate acquisition. However, the three-tiered regional system introduced in 2024-2025 and the Airbnb rental ban process have made it even more selective:
- €800,000 Threshold (Zone A): Includes the Attica region (Athens and the Athenian Riviera), Thessaloniki, Mykonos, Santorini, and all major islands with a population over 3,100. Single residential properties to be purchased in these regions must be at least 120 $m^2$ in size.
- €400,000 Threshold (Zone B): Applies to mainland Greece and smaller islands not covered in the category above. Again, a single unit condition with a minimum size of 120 $m^2$ is required.
- €250,000 Threshold (Conversion / Restoration): Applies without any location restrictions to projects converting a commercial property (hotel, warehouse, etc.) into residential use or projects restoring historical buildings.
Portugal: New Structure Entirely Focused on Financial Funds (Minimum €500,000)
With the “Mais Habitação” law enacted in October 2023, Portugal completely banned real estate acquisition and real estate-focused fund routes.
- €500,000 Investment Fund (Venture Capital / Private Equity): Requires investing at least €500,000 into financial funds that are audited by CMVM (Portuguese Securities Market Commission) and do not have direct or indirect real estate holdings. At least 60% of the fund must be invested in Portugal-based companies and have a minimum maturity of 5 years
- €250,000 Cultural Donation: A non-refundable (grant) donation option made to projects for artistic production or the preservation of national heritage.
Bulgaria: Permanent Residency-Oriented Fund Investment (Minimum €511,292)
In line with the legislation updated in 2023, Bulgaria has replaced temporary residency with direct permanent residency.
- €511,292 Fund Investment (AIF / ETF): It is required to invest at least €511,292 (precisely 1,000,000 BGN before Bulgaria adopted the euro on 1 January 2026) in Alternative Investment Funds (AIF) or exchange-traded funds (ETF) licensed by the Financial Supervision Commission of Bulgaria and holding assets of at least 5 million BGN, and to maintain this investment for at least 5 years.
Citizenship Journey and Language Requirements: Which Provides a Faster Passport?
The issue investors are most mistaken about is the ease of the path to citizenship after obtaining a residency card. Recent legal updates have completely changed this table.
Portugal: The End of the “Citizenship in 5 Years” Myth and the 10-Year Reality
With the new Citizenship Law (Lei Orgânica 1/2026) entering into force in May 2026, the Portuguese Parliament extended the citizenship application period from 5 years to 10 years for most third-country nationals.
- Retroactive Application: This law covers existing Golden Visa holders who applied in the past (between 2021-2025) but have not yet obtained citizenship, granting no retroactive rights.
- Real Process: When the heavy approval delays within AIMA (the new immigration office)—amounting to 1-2 years of backlog—are added, the practical time elapsed from the initial investment to passport delivery is 12 to 14 years. It is mandatory to prove proficiency in Portuguese at least at the A2 level during the citizenship application.
Greece: Europe’s Fastest Mainstream Citizenship Route
With Portugal extending its timeframe, Greece has risen to the position of the primary program providing the fastest passport for investors in Europe today.
- 7-Year Rule: Greece Golden Visa holders can apply for citizenship after 7 years of legal and physical residence.
- Language and Integration Requirement: The applicant must prove B1 level proficiency in Greek and that they actually live in the country (at least 183 days a year) and pass geography, history, and constitution exams.
Bulgaria: A Major Obstacle to Citizenship (Dual Citizenship Ban)
Permanent residency holders who maintain their investment in Bulgaria for 5 years can apply for citizenship. However, there are two major disadvantages:
- Obligation to Renounce Original Citizenship: Bulgaria requires people who acquire citizenship through this route to fully renounce their original citizenship. Dual citizenship is allowed only for EU, EEA and Swiss citizens. For many non-EU investors, this makes the route very difficult.
- Language Exam: Bulgarian language proficiency at least at the A1 level is required.
Italy: 10-Year Long Path and B1 Language Requirement
The path to citizenship in Italy requires patience.
- 10-Year Rule: Investment visa holders can apply for citizenship only after 10 years of continuous and legal residence.
- Language Requirement: It is mandatory for the applicant to prove Italian language proficiency at least at the B1 level.
Hungary: 8-Year Rule and Tough Language Barrier
Although Hungary offers a tremendous sense of security by granting investors a 10-year residency card, the citizenship process is quite serious.
- 8-Year Rule: Investors can apply for citizenship only after 8 years of legal residency.
- Language Requirement: Hungarian is considered one of the hardest languages in Europe to learn, and proficiency in this language must be proven for citizenship.
Latvia: 10-Year Process and A2 Latvian Requirement
The citizenship process in Latvia is tiered.
- 10-Year Rule: Permanent residency is obtained after completing the 5-year temporary residency period. Citizenship application can be made in the 5th year of permanent residency (10 years in total).
- Language Requirement: A2 level Latvian language proficiency is required for citizenship.
Residence (Physical Stay) Obligation: How Many Days Must You Go?
For those who want to continue living in their own country and managing their business after making their investment, physical residency rules are of vital importance.
- Greece, Italy, Hungary (Flawless Flexibility): You have no obligation to stay (zero days) in these three countries to maintain and renew your residency status. Physical presence is only required for biometric procedures and card deliveries.
- Portugal (Annual 7-Day Rule): To keep the Golden Visa active, it is sufficient to be physically present in Portugal for an average of 7 days a year (a total of 14 days per 2-year renewal period).
- Latvia (No Fixed Day Requirement): The new law abolished the requirement to register the permit every year. If you aim for permanent residence and citizenship, you need to actually live in the country without long interruptions.
- Bulgaria (Critical Bill Warning): According to current laws, there is no physical stay obligation. However, the new legislative bill submitted to parliament on July 28, 2026 (Ref: 52-602-01-29) stipulates that permanent residence holders must be physically present in Bulgaria for at least 6 months and a day (183 days) per year. If the bill passes into law, investors who do not live in the country will completely lose their permanent residency rights.
Usage and Income Rules: Airbnb and Rental Status
- Greece (Airbnb Ban and €50,000 Fine): Under current rules, it is strictly forbidden to rent out Golden Visa properties for short terms (less than 60 days) via platforms like Airbnb. In case of a violation, an administrative fine of €50,000 is imposed and the residence permit is revoked. Properties can only be rented out with long-term contracts; the net return ranges between 3% and 6%.
- Hungary (Real Estate Fund Investment): The direct residential property option has been removed from the Hungarian programme; the real estate route works only through accredited real estate funds. Returns are distributed by the fund manager.
- Latvia (Real Estate Route Closed): Since 15 September 2026, buying property in Latvia no longer grants a residence permit. On the company route, returns depend on the profits of the company you invest in.
- Portugal (Completely Passive Financial Return): Since the real estate route is closed, you do not have to deal with property management. Depending on the performance of the fund you invested in, annual dividends and return opportunities ranging between 6% and 12% are available. Your capital remains locked for the duration of the fund (generally a minimum of 5-8 years).
European Golden Visa Comparison Table (Current)
| Criteria | Greece 🇬🇷 | Portugal 🇵🇹 | Hungary 🇭🇺 | Italy 🇮🇹 | Bulgaria 🇧🇬 | Latvia 🇱🇻 |
|---|---|---|---|---|---|---|
| Minimum Investment | • €250,000 (Conversion) • €400,000 / €800,000 (Home) |
• €500,000 (Fund) • €250,000 (Cultural donation) |
• €250,000 (Real estate fund) • €1,000,000 (Donation) |
• €250,000 (Startup) • €500,000 (Company) • €1,000,000 (Donation) • €2,000,000 (Bonds) |
• €511,292 (AIF fund) | • €50,000 + €10,000 (Company) |
| Investment Class | Real estate | Investment fund / Cultural donation | Real estate fund / Donation | Startup / Company / Donation / Bonds | Investment fund | Company capital |
| Initial Permit Duration | 5 Years (Renewable) | 2 Years (Renewable) | 10 Years (Renewable) | 2 Years (Renewable) | Permanent residence | Up to 2 Years (Renewable) |
| Residency Requirement | 0 Days | About 7 days a year | 0 Days | 0 Days | 0 Days (183 days if bill passes) | No fixed day requirement |
| Citizenship | 7 years of actual residence | 10 Years | 8 Years | 10 Years | 5 Years (dual citizenship restricted) | About 10 Years (A2 Latvian) |
| Rental / Income | Long-term rental only | Fund returns | Fund returns | Business returns | Fund returns | Company profit (property route closed) |
| Processing Time | 3-6 Months | 12-18+ Months | 2-3 Months | 3-6 Months | 3-6 Months | 2-4 Months |
Which Golden Visa is the Right Choice for You?
- Greece: If you want to buy a tangible property with a title deed belonging to you, are looking for zero-day residency flexibility, and are willing to overlook the Airbnb ban and accept long-term leasing, it is the strongest option
- Portugal: You should choose this if you want to invest in a professionally managed fund without dealing with property management, find the 7-day annual stay requirement suitable for you, and see the passport process as a long-term (10-12 years) plan.
- Hungary: It is the ideal program if you want to get a 10-year continuous residency guarantee in one go and prefer the secure structure of real estate funds.
- Italy: It is excellent if you want to eliminate your risk by obtaining definitive government approval (Nulla Osta) before making your investment and want to enter the Italian startup ecosystem with a €250,000 budget.
- Bulgaria: If you want to obtain Permanent Residency (PR) status from day one and prefer low-risk funds based on bonds, you should consider the dual citizenship restriction between Ankara and Sofia and the 183-day stay bill proposal.
- Latvia: If you are targeting the lowest capital outflow (€60,000) while taking a step into the European Union, and want to be a business partner in Latvia’s fast-growing dynamic market, it is alternative-free.
As Golden Visa Solutions, we are by your side to manage your file in the safest way with our local legal partners and expert consulting team across six countries. You can contact us today to determine the most suitable country together.
Related guides: Easiest Countries to Get Citizenship
Frequently Asked Questions
No, there is no option to obtain a residence permit by purchasing direct residential property. To apply through real estate under Hungary's Guest Investor Program, it is necessary to purchase shares of accredited real estate investment funds audited by the Central Bank of Hungary (at least €250,000).
Yes. Renting out properties purchased under the Golden Visa in Greece through platforms like Airbnb for the short term (less than 60 days) is strictly prohibited. Residence permits of those who do not comply with this rule are revoked, a €50,000 administrative fine is applied, and properties can only be rented with long-term contracts.
Yes. With the "Mais Habitação" law, property acquisition or real estate-focused fund routes have been completely terminated in Portugal's Golden Visa application. Investors can now apply by investing at least €500,000 into financial funds (Venture Capital / Private Equity) that have no direct or indirect connection to real estate.
Yes. Italy implements the Nulla Osta (Prior Approval) system to eliminate the risk of "rejection after funds are transferred," which is investors' biggest concern. Approval is obtained from the state committee before sending money to the country, and a 3-month legal period is granted to carry out the investment after approval is received
Among the active programs, Greece offers investors the fastest passport route with its 7-year legal and physical residence requirement. Portugal extending its citizenship period to 10 years and administrative delays (processes lasting 12-14 years) have made Greece stand out in this field.
In Greece, Italy and Hungary there is a 0-day stay requirement; you do not have to live in the country and only need to travel for card renewal and biometrics. Portugal requires about 7 days a year on average. In Latvia, the new law abolished the annual registration requirement.
Although Bulgaria offers a path to Permanent Residency (PR) from day one and citizenship in 5 years, it mandates completely renouncing (giving up) original citizenship at the citizenship stage. Since dual citizenship is permitted only for EU, EEA, and Swiss citizens, this creates a major obstacle for Turkish investors
Latvia offers one of the most budget-friendly residency routes in Europe with a €50,000 corporate investment and a €10,000 state fee (totaling €60,000). However, this company has strict operational rules, such as a specific turnover and the obligation to pay at least €40,000 in taxes per year. Since 15 September 2026 the property route has closed, so the company investment is the only option.
Unlike other European countries, Hungary provides a direct 10-year valid residence permit upon the first application. This long-term structure offers investors the security of an uninterrupted "Plan B" together with their families.
Yes. With the new law enacted by the Portuguese Parliament, the citizenship application period for most third-country nationals has been extended to 10 years. This rule also covers existing investors who applied in past years (between 2021-2025) but have not yet received their passports.
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